Specialist mortgage providers

yasmin2

Hello,

I hope this is the right place to post this and if not, please feel free to move it.

I am looking for a mortgage and have been told that there are specialist mortgage providers for students with potentially good earnings such as medical/accountancy/veterinary students. I have done a search and managed to come up with one whom I have contacted.

Does anyone know of any others? What are the disadvantages, if there are any associated with this? Has anyone taken out a similar mortgage? Is it worth going to an IFA? Any help/advice would be appreciated. I am a stressed out student who just hates living in rented accomodation and is desperate to move out!!!

herbiesjp

There are several lenders that will look more favourably on occupations that are classed as "professional" in their lending criteria

No disadvantages as such.

An IFA is indepedent for investment class business. You would need to find a whole of market mortgage adviser or independent mortgage adviser.

Are you earning at the moment? Is there a structured career path for you - what is your occupation?

Conrad

Scottish Widows is one, but you'll need to be working of course.

yasmin2

No, I'm earning approximately £1000 a month (more during hols) at the moment and I am in the third year of a medical degree. I explained this to the company that I had been in contact with and they seemed to think it wouldn't be a problem obtaining a mortgage.

I think that's when I became concerned, in the context of the current financial climate. He was quite encouraging about being able to get a mtg??? Am I being overly suspicious?

Thank-you for your speedy responses..:T

herbiesjp

What kind of house prices were you looking at? What deposit do you have?

Do you have a clean credit history?

yasmin2

Initially I was looking at a one bedroom flat for around £120,000 (for which I have a 5% deposit) but he seems to think that as I can get more money from equity in a house that I have elsewhere, I could have a larger deposit and buy a house. I am not very comfortable with this as I don't want to overstretch myself and yes, whilst I can get away with working 20-30hrs a wk at the moment... not necessarily going to be the case in my final year when I am swotting like mad for exams...

I have a very good credit history despite my student status.